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  • Iasb Agenda Ref 7a Fasb Agenda Ref 170a Staff Paper Week Of 20 May 2013 Fasb Education Session 15

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IASB Agenda ref 7A FASB Agenda ref 170A STAFF PAPER Week of 20 May 2013 FASB Education Session 15 May 2013 FASB?IASB Meeting Project Revenue recognition Paper topic Application of the model: Credit.

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Project Objective To achieve this objective, the FASB and the IASB had agreed to the following: The project's objective was to ensure that fair value has the same meaning in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS).

2002—The Norwalk Agreement: The FASB and IASB Agree to Collaborate. In September 2002, the FASB and the IASB met jointly and agreed to work together to improve and converge U.S. GAAP and IFRS. That partnership is described in “The Norwalk Agreement,” issued after that joint meeting.

The IASB and FASB could not reach a converged solution and instead additional disclosures were implemented. This is a high-priority project of both boards and work is currently under way. This project compromises a number of projects, some completed and some under way.

Both the FASB, or the Financial Accounting Standards Board, and the IASB, or the International Accounting Standards Board – deal with the standardization of accounting, but their approaches to achieving the regulation of accounting and financial reporting standards are different.

The FASB and IASB entered into a formal agreement in September 2002 to work jointly on the revenue recognition project and to share staff resources. The objectives of the joint project were as follows: 1. Remove inconsistencies and weaknesses in existing revenue requirements.

The MoU set forth the relative priorities within the FASB-IASB joint work programme in the form of specific milestones to be reached by 2008. That MoU was based on three principles: Convergence of accounting standards can best be achieved through the development of high quality, common standards over time.

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are independent, private-sector bodies working to develop and enforce financial reporting standards for publicly-held companies.

The eight phases of the joint FASB and IASB framework project are: 1) objective and qualitative characteristics, 2) elements and recognition, 3) presentation and disclosure, 4) reporting entity, 5) measurement, 6) framework for GAAP hierarchy, 7) applicability to the not-for-profit sector, and 8) any remaining issues ...

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232